U.S. natural gas futures settled 4.9% lower as traders looked beyond the snow on the ground in Houston to forecasts for a warmup in early February.

European natural gas jumped after Germany signaled it may subsidize the refilling of storage sites, spurring spot demand for the fuel and further driving a seasonal price spread.

European natural-gas prices rose slightly in early trade, following a decline partly attributed to milder weather forecasts and less supply uncertainties as liquefied natural gas flows to Europe.

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on ...